National Grid, the UK energy group, is lining up a $2bn (€2.3bn) syndicated loan to complete its debt financing for the acquisition of Niagara Mohawk, the US energy group.
Confirmation of the imminent loan follows National Grid's completion of a €2bn ($1.75bn) bond sale, to part finance the $3bn acquisition. Commenting on further fundraising plans, Martin O'Donovan, treasurer of National Grid, said: "We do not intend to tap the capital markets again for the moment. The next item we will put in place is a bank facility."
